The Bahamas Financial Services Board (BFSB) and the Association of International Banks and Trust Companies (AIBT) have published a joint letter calling for the government's proposed minimum 15 per cent global corporate tax to be rethought.

The new tax was announced in February 2024 as part of the jurisdiction's strategy to comply with the OECD's Pillar Two framework for international business taxation. It will apply to multinational enterprises (MNEs) whose annual group turnover exceeds EUR750 million, as part of the OECD's base erosion and profit shifting (BEPS) initiative.

The Bahamas government plans to release draft legislation implementing the tax at the end of May 2024, with a view to introducing a Bill to parliament later in the year following further consultation......